The overall real estate market (Supply and Demand) and interest rates are huge contributors in defining property values. Add in location, area schools, shopping and dining, neighborhood amenities, lot size and age of home and you have a good formula for determining price.
However, when it comes to lake front, or proximity to a lake, and there are additional layers of value to calculate. Let’s explore them.
FACTORS IN DETERMINING LAKE FRONT PROPERTY VALUE
Rarity
Rarity can be defined by lots of features. Here are some of the most desirable
Point Properties
Waterfront at the tip of one of natural points—with more expansive water frontage and street privacy
Extended Front Footage
Homes that have far more waterfront feet than the norm (i.e. 180 front feet versus a more typical 60-80 feet)
Iconic Properties
Homes that have important owners or unique histories
Location
As always, location matters, as to what homes and offerings surround it
Where it sits on the map and how it compares to surrounding properties – also known as comparables. Properties used in an appraisal report that are substantially equivalent to the subject property.
WATERFRONT ACCESS AND AMENITIES
When evaluating waterfront there are several additional factors to consider including topography, dock, water depth and exclusivity. Here are the typical “higher value” characteristics.
Access
No or low bank waterfront with walk out access
Views
Expansive views unhindered by natural obstacles or man-made structures Docks & Boat Houses Large dock structures in good condition and/or boat houses that can no longer be built
High & Deep Water
Locations with higher water quality and/or deep-water moorage/access
SETTING
How the home is positioned (in terms of exposure to sunlight) and other surroundings also play an important role in terms of value. Here are some additional factors that help determine price and value.
Privacy
An estate-like feel and additional privacy
Ease and Accessibility
Comfortable road access and parking
Sunlight
A sunny exposure is very desirable.
Lot Size
Larger (useable) lot square footage means lots of potential and privacy.
Positioning
Homes positioned to maximize the best views from all rooms.
So in short, if you are considering buying or selling a waterfront or Lake Oconee home, you need an agent like Karen that has extensive knowledge of all the factors involved in valuing waterfront. Her expertise and strategy could translate into a significant impact on your bottom line, and help you get the price you want and/or the home you want.
Karen is an award-winning realtor with a nearly 20 year highly successful career, and shopping for her own property on Lake Oconee and building her own home gave her an incredible education on buying and selling lake front property. She would love to help you with your lake home search or listing your current lake home. Please contact her today and she will dive in!
